Gem Diamonds Flexible Tender Fetches $12M

RAPAPORT... Gem Diamonds garnered $12.1 million from the sale of rough diamonds through its new flexible tender process.

“The results of the initial round of the flexible tender sales process for a selection of Letšeng’s large diamonds demonstrates the continued demand for these high-quality diamonds,” Gem Diamonds CEO Clifford Elphick said Wednesday. “The [money] raised from the sale maintains revenue and cash flow during the current challenges of the COVID-19 global pandemic.”

The miner created the flexible tender, which includes both direct sales and partnership arrangements, as a way of continuing to generate revenue amid government restrictions on travel and business operations during the coronavirus pandemic.

Gem Diamonds will continue to run flexible tenders until the restrictions are lifted, it noted.